11 Letter of Transmittal Introduction 1 Department of Finance Office of the Controller 201 W Colfax Ave, Dept 1109 Denver, CO p: f: May 28, 2015 Citizens of the City and County of Denver, Honorable Mayor, Honorable Auditor, Honorable Clerk and Recorder, Honorable Members of City Council, and Audit Committee Cary Kennedy Deputy Mayor and Chief Financial Officer State law requires the City and County of Denver (City) to publish within seven months of the close of the fiscal year a complete set of financial statements presented in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. This report is prepared by the Controller s Office under the Department of Finance according to Article 2, Part 5 of the City s Charter. Pursuant to the requirements, I hereby issue the Comprehensive Annual Financial Report (CAFR) of the City for the fiscal year ended December 31, This report consists of management s representations concerning the finances of the City. Responsibility for the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the management of the City. To provide a reasonable basis for making those representations, management of the City has established a comprehensive internal control framework that is designed both to protect the government s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City s financial statements in conformity with U.S. GAAP. Because the cost of internal controls should not outweigh their benefits, the City s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. BKD, LLP, a firm of licensed certified public accountants, has audited the City s financial statements. The goal of the independent audit is to provide reasonable assurance that the financial statements of the City for the fiscal year ended December 31, 2014, are free of material misstatement. The audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion on the City s basic financial statements as of and for the year ended December 31, The independent auditors report is presented as the first component of the financial section of this report.

12 2 City and County of Denver Letter of Transmittal The Report The CAFR is presented in three sections: The Introduction section includes this letter of transmittal, Mayor, Auditor, District Attorney, Clerk and Recorder, and City Council introductions, the City s organization chart, and certificates of achievement. The Financial section includes the report of the independent auditors, Management s Discussion and Analysis (MD&A), the basic financial statements, including the government-wide financial statements comprised of the Statement of Net Position and the Statement of Activities and the accompanying notes to the financial statements. The Financial Section also includes the fund financial statements including the governmental funds financial statements, the proprietary funds financial statements, the fiduciary funds financial statements, the component units financial statements, and the combining individual funds financial statements for the nonmajor governmental funds and the internal service funds. Required supplementary information other than the MD&A is also included in the financial section. The Statistical section includes selected financial and demographic information, on a multi-year basis. events. The CAFR also includes the City s component units, which are legally separate organizations and for which the City is financially accountable or whose relationship with the City is of a nature and significance that would cause the City s financial statements to be incomplete were they not included. The City maintains budgetary controls that have the objective of ensuring compliance with legal provisions embodied in the annual appropriated budget submitted by the Mayor and adopted by the City Council. All activities of the General Fund and Human Services special revenue fund are included in the annual appropriated budget except for capital outlay. Project-length budgets are adopted for the remaining special revenue funds and capital project funds. Budgetary control (the level at which expenditures and encumbrances cannot legally exceed the appropriated amount) is established at the department level within individual funds, except for special revenue and capital project funds, which are at the funded project level. Disbursements that would result in an overrun of funded project balances (budgets) are not released until additional appropriations are made available. At year-end, if additional monies have not been appropriated where needed, expenditures are properly reflected in the current period causing an over budget condition to exist. In addition to the financial audit, the City undertakes a single audit in conformance with the Single Audit Act Amendments Management's Discussion and Analysis Basic Financial Statements Required Supplementary Information of 1996 and U.S. Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. The results of this single audit, including a schedule of expenditures of federal awards, Governmentwide Financial Statements Fund Financial Statements Notes to the Financial Statements and the independent auditor s reports on the City s internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements Summary Detail involving the administration of federal awards, are available in the City s separately issued single audit report. This transmittal letter is designed to complement the MD&A and should be read in conjunction with the MD&A. This CAFR includes all funds of the City. The City provides a full range of services including: police and fire protection; the construction and maintenance of highways, streets and other infrastructure; and recreational activities and cultural City Profile The City is located at the eastern base of the Rocky Mountains in the north-central part of Colorado, encompassing square miles. The City is the capital of the state, and it is also the cultural, distribution, entertainment, financial, service and transportation hub of

13 Letter of Transmittal Introduction 3 Constitution in The City s charter was enacted on March 29, 1904 establishing a strong mayor/city council form of government and an independent, elected city auditor. the Rocky Mountain region. With an elevation of 5,280 feet the Mile High City has a cool, dry, sunny climate that makes it a magnet for health seekers and those enjoying outdoor recreation all year round. In 2014, Denver had an estimated population of 663,862 for the core City and County. It is estimated that over 3 million people reside in the Denver metro area, which includes the suburban counties of Adams, Arapahoe, Boulder, Broomfield, Douglas and Jefferson. 3,100 3,000 2,900 2,800 2,700 Denver Metro Area's Suburban Population (numbers in thousands) The mayor and thirteen-member council, elected in nonpartisan elections govern the City. The Mayor is the chief executive, exercising all administrative and executive powers granted to the City, except as otherwise delegated by the City Charter. The legislative powers of the City are vested in the City Council. The City has an elected Auditor and an elected Clerk and Recorder. All elected officials terms are concurrent and last four years and each position is subject to term limits of twelve years. The Charter establishes an audit committee consisting of seven members; two members appointed by the Mayor, two members appointed by the City Council and two members appointed by the Auditor, with the Auditor as the Chair. The audit committee, among other things, is responsible for the selection and management of the external auditor. During the course of the annual city-wide audit the audit committee monitors the progress of the audit and discusses with the external auditor any matters related to the audit. The audit committee also accepts the results of the audit. Regional Economic Conditions 2,600 2,500 2,400 2, The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the City operates. Denver was founded November 22, 1858, after a gold discovery at the confluence of Cherry Creek and the South Platte River. Town founder William H. Larimer, Jr. named the city for James W. Denver, Governor of Kansas Territory, of which east central Colorado was then a part. Numerous gold discoveries sparked a mass migration of some 100,000 in , leading the federal government to establish Colorado Territory in The City was incorporated on November 7, 1861 by a special act of the first session of the Legislative Assembly of Colorado Territory. In 1867 the City became the Capital of Colorado Territory and remained the capital after Colorado became a state on August 1, Denver became a City and County with home rule when Article XX was added to the Colorado The City is the center of economic activity of the region, serving as a business, recreational, higher educational and cultural hub. Major features of the economy include the central business district, state capitol building, Denver International Airport, extensive library facilities, several professional sports teams, institutions of higher learning, and numerous museums and other cultural facilities. The economy of the metropolitan area generally mirrors that of the state. According to Colorado s Office of State Planning and Budgeting (OSPB), the economy momentum from 2014 will continue into Colorado job growth in 2014 crossed a broad range of sectors: Natural Resources & Mining (+13.1% y/y), Construction (+7.5% y/y), Leisure & Hospitality (+5.6% y/y), Health Care & Social Assistance

14 4 City and County of Denver Letter of Transmittal (+5.5% y/y), Manufacturing (+4.8% y/y), State Government (+2.2% y/y) and Local Government (+1.8% y/y). Colorado s growth has been driven by the economic expansion across the Front Range. This is a positive trend, and because of the economy s resiliency, the economy is expected to continue to grow. While low oil prices have contributed to the local economy, the impact of decreased investment and employment in the industry will be monitored and its impact on economic and employment growth will be taken into consideration. The state added 78,900 jobs in 2014, and as of January 2014 state unemployment was 4.2%, down from 6.6% in January Colorado s unemployment rate is below the national average of 5.6% for 2014, according to the OSPB. Construction The March 2014 OSPB Colorado Economic Perspective report states that nonresidential construction value strengthened in 2014 and is expected to modestly increase in The OSPB also projects 8.8% permit growth in Personal Income and Wages The March 2014 OSPB Colorado Economic Perspective report shows that personal income growth increased 3.2% in According to the OSPB, personal income is forecast to increase modestly in 2015 in response to the lower unemployment rate. Consumer Spending Overall, consumer spending continues to increase according to the OSPB. Colorado retail trade sales are expected to increase 5% in Sales and use tax revenue, which makes up half of the City s General Fund revenue stream, increased by 12.7% in The City anticipates that core sales and use tax revenue will continue to grow approximately 5.6% in City Financial Policies and Planning The City, as with the rest of the nation and most of the world, experienced a significant recession in 2009, causing the largest decline in revenues since the 1930 s. Formal financial policies, as well as operating practices, have enabled the City to maintain core services and minimize the impact to citizens and employees wherever possible. Formal policies exist in areas such as balanced budgets, revenue diversification and use of one-time and unpredictable revenues, operating expenditures, reserves, investments, and debt. Revenue Administration The City s main source of revenue for operating expenditures is sales and use tax, which makes up 50% of total General Fund revenues. This is less than the 70% average for most local governments in the region. In addition, the City reviews all fees, fines, and charges for services on a rotating basis to ensure they are meeting cost recovery goals. Onetime and unpredictable revenues are spent on one-time costs, such as equipment replacement, or transferred to capital improvement funds for repair and rehabilitation projects. Expenditure Administration Expenditure budgets are carefully reviewed by both the implementing departments and the Budget and Management Office. Careful attention is paid to ensure departments are meeting projected vacancy savings and that excess budget is not transferred to non-personnel line items. For 2014, an increasingly competitive employment market that increased vacancies and reduced spending on supplies and equipment all contributed to $21 million in additional savings beyond the original budget by year-end. Reserves The City has multiple reserves in its General Fund to address budgetary shortfalls. A Contingency Reserve of no less than 2% of total estimated expenditures, an Emergency Reserve mandated by the State Constitution equal to 3% of covered funds, and an Undesignated Fund Balance target of 15% of total budgeted expenditures. The City s budget policy concerning the use of reserves varies depending on the reserve type but generally limits the use of reserves to respond to revenue shortfalls, unanticipated expenditures, or severe economic downturn. The policy further states that use of reserves should be combined with structural changes to bring the budget back into balance. The Undesignated Fund Balance at the end of 2014 was projected to be 22.0% of expenditures.

15 Letter of Transmittal Introduction 5 Debt Administration The City s debt policy establishes guidelines and parameters for the issuance and management of debt. The primary objectives of the policy are to ensure that debt is issued prudently and affordable. The Taxpayer s Bill of Rights (TABOR) under the State Constitution requires the City to obtain voter approval prior to issuing any multi-year fiscal debt or obligations. Certain exceptions apply for refunding of outstanding bonds and debt issued by enterprises of the City. The City s Charter further restricts general obligation bonded debt to 3% of the actual value of the taxable property within the City. General obligation water bonds issued by Denver Water are excluded from this limitation. At December 31, 2014, the City s general obligation bonded debt of $867,646,000 subject to this restriction, was 35.8% of the $2,426,732,000 three-percent limitation amount, not including compound interest of the general obligation minibonds. According to standard measures used by the primary credit rating agencies to assess debt (e.g. fund balance as a percent of operating expenses, debt-to-assessed ratios, debt per capital, etc.), the City s level of direct debt obligations are considered moderate but manageable in comparison with similarly sized cities. Rating agencies cite the City s strong financial management and prudent fiscal policies as credit strengths. As of December 31, 2014, the City is rated triple-a (AAA) by all three of the major rating agencies: Standard & Poor s, Fitch, and Moody s Investors Service. Cash Management The City s Charter regulates the securities in which the City may invest its funds. Permissible investments under the Charter are obligations of the United States Government, its agencies, and sponsored corporations, prime bankers acceptances, prime commercial paper, certificates of deposit issued by banks and savings and loan institutions, repurchase agreements, security lending agreements, highly rated municipal securities, money market funds that purchased only the types of securities specified herein, and other similar securities as may be authorized by ordinance. The City Council has adopted an ordinance authorizing the investment of City moneys in Resolution Funding Corporation (REFCORP) Securities, Forward Purchase Agreements, and Debt Service Reserve Fund Put Agreements, all of which are either issued by a U.S. Government Corporation or are collateralized by surety types already authorized by the Charter. The City is not permitted to leverage its investment portfolio. The objectives of the City s investment policy, in order of priority are to maintain principal, to ensure the availability of funds to meet obligations promptly, and to maximize yield on the investment portfolio. Bank deposits are either insured by federal deposit insurance or collateralized according to state law. Investments are held at a third-party bank in a safekeeping account in the City s name. Long-Term Financial Planning The City has a six-year long-range capital planning process and document that is updated each year and helps drive annual capital funding decisions as well as periodic general obligation bond issues for larger investments. For operations, revenues are forecasted out for twenty years to account for planned changes to existing revenues, such as sunsetting revenues, and to project any future deficits between revenues and expenditures. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its CAFR for the year ended December 31, The Certificate of Achievement is a national award recognizing conformance with the highest standards for preparation of state and local government financial reports. To be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently organized CAFR. This report must satisfy both U.S. GAAP and applicable legal requirements. This was the thirty-fourth consecutive year that the City has received this award. A Certificate of Achievement is valid for one year only. We believe this 2014 CAFR continues to conform to the Certificate of Achievement program requirements and will submit it to the GFOA to determine its eligibility for another certificate. Furthermore, the GFOA has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to City for its Popular Annual Financial Report (PAFR) for the fiscal year ending on December 31, The

16 6 City and County of Denver Letter of Transmittal Award for Outstanding Achievement in Popular Annual Financial Reporting (PAFR) is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive this award a government unit must publish a PAFR whose contents conform to program standards of creativity, presentation, understandability and reader appeal. This is the second year that the City has received this award. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to GFOA. Additionally, GFOA presented a Distinguished Budget Presentation Award to the City for its annual budget for the fiscal year beginning January 1, In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. This award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another year. The preparation of this CAFR could not have been accomplished without the efficient and dedicated service of a highly qualified staff in the Controller s Office. The Cash, Risk, and Capital Funding Division and the Budget and Management Office were also instrumental in the CAFR s completion. Their cooperation and continued assistance is necessary and appreciated. I would like to thank all personnel who helped and contributed to the preparation of this report. I also want to acknowledge the thorough and professional manner in which our independent auditors, BKD, LLP, conducted their audit. Respectfully submitted, Cary Kennedy Deputy Mayor and Chief Financial Officer

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18 8 City and County of Denver Mayor Dear Denver residents: Now that the challenges of the recession are largely in the rearview mirror, I m proud to report that Denver s economy is healthy and growing. In four short years, we have added 36,000 jobs and 2,200 new businesses in Denver, and our unemployment rate is down to 4 percent. Sound financial management continues to position Denver as one of the strongest municipal economies in the nation. We have eliminated the budget deficit and again achieved a AAA credit rating. Honorable Michael B. Hancock Mayor Our plans for growing Denver s economy have been proactive and intentional and because of our focused approach, this city of opportunity is open for business. From Union Station to the North Denver Cornerstone Collaborative, and from the South Platte River to Denver International Airport, we re investing in our neighborhoods and driving opportunity for residents and neighborhoods across the city. We ve improved customer service at the city so that residents can more efficiently and conveniently do business with us. We ve eliminated the credit card convenience fee for a majority of our transactions and reduced wait times at the Department of Motor Vehicles, the Office of Excise and Licenses and the Department of Human Services, to name a few. We ve also made it easier to adopt a pet from the animal shelter, register for an activity through Parks and Recreation, and to access city services via a mobile device or home computer using Pocketgov.com. It s an especially exciting time to be in the Mile High City. Together, we are building a better Denver for everyone. Mayor s Cabinet and Chief of Staff Cary Kennedy Deputy Mayor and Chief Financial Officer Janice Sinden Chief of Staff Scott Martinez City Attorney Kim Day Executive Director of Aviation Doug Linkhart Executive Director of Environmental Health Stacie Loucks Executive Director of Excise and Licenses Adrienne Benavidez Executive Director of General Services Lauri Dannemiller Executive Director of Parks and Recreation Jose Cornejo Executive Director of Public Works Stephanie O Malley Executive Director of Safety Penny May Executive Director of Human Services Brad Buchanan Executive Director of Community of Planning and Development

19 Auditor, District Attorney, and Clerk and Recorder Introduction 9 Dennis J. Gallagher is the Auditor for the City and County of Denver. Mr. Gallagher was elected Auditor in July 2003, and was re-elected for a third term beginning in July Mr. Gallagher s term will expire on the third Monday in July Honorable Dennis J. Gallagher Auditor Mitchell R. Morrissey is the District Attorney for the Second Judicial District. The District Attorney is a state official. He is the chief law enforcement officer in the district and is responsible for prosecuting all felonies, misdemeanors, and serious traffic offenses arising in the district. Mr. Morrissey became District Attorney in January 2005; his current term will end January 8, Honorable Mitchell R. Morrissey District Attorney Debra Johnson was elected Clerk and Recorder in July Ms. Johnson also serves as Public Trustee, City Clerk, and Ex-Officio Clerk of the City and County of Denver. Ms. Johnson s term will expire on the third Monday in July Honorable Debra Johnson Clerk and Recorder

20 10 City and County of Denver City Council Members There are 13 city council members - 11 from equally populated districts and two elected at-large. Council members, who must be 25 years of age, US citizens and two-year Denver residents, are all elected at the same time every four years. All terms expire on the third Monday in July Honorable Christopher Herndon President 11th District Honorable Robin Kneich At-Large Honorable Deborah Ortega At-Large Honorable Susan K. Shepherd 1st District Honorable Jeanne Faatz 2nd District Honorable Paul D. López 3rd District Honorable Peggy Lehmann 4th District Honorable Mary Beth Susman 5th District Honorable Charlie Brown 6th District Honorable Chris Nevitt 7th District Honorable Albus Brooks 8th District Honorable Judy Montero President Pro-Tem 9th District Honorable Jeanne Robb 10th District

21 City Organization Chart Introduction 11 People of Denver District Attorney County Court Mayor Auditor Clerk and Recorder City Council City Attorney Excise and Licenses Finance Community Planning and Development Office of Children s Affairs Board of Ethics Office of Human Resources Hearing Office General Services Public Safety Office of Special Events Human Rights and Community Relations Board of Adjustment for Zoning Appeals Denver Water Department Parks and Recreation Public Works Office of the Independent Monitor Technology Services Denver Public Library Denver Art Museum Aviation Environmental Health Economic Development Emergency Management and Homeland Security Museum of Nature and Science Denver Botanic Gardens Human Services Denver Zoological Gardens Office of the Municipal Public Defender Departments Offices and Agencies Independent Agencies Civil Service Commission

22 12 City and County of Denver Government Finance Officers Association Awards The City and County of Denver is proud to have been recognized with an award for Outstanding Achievement for Excellence in Financial Reporting, Outstanding Achievement in Popular Annual Financial Reporting and the Distinguished Budget Presentation Award offered by the Government Finance Officers Association of the United States and Canada (GFOA) Outstanding Achievement for Excellence in Financial Reporting The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City and County of Denver for its Annual Report for the fiscal year ended December 31, The Certificate of Achievement is the highest form of recognition for excellence in state or local government financial reporting. The Certification of Achievement Program was established to encourage municipal governments to publish high quality financial reports and to provide peer recognition and technical guidance for officials preparing these reports. In order to be awarded a Certification of Achievement, a government unit must publish an easily-readable and efficiently-organized annual financial report, whose contents conform to program standards. Such reports should go beyond the minimum requirements of generally accepted accounting principles and demonstrate an effort to clearly communicate the municipal government s financial picture, enhance an understanding of financial reporting by municipal governments and address user needs. A Certificate of Achievement is valid for a period of one year only. Outstanding Achievement in Popular Annual Financial Reporting The GFOA has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City and County of Denver for its Popular Annual Financial Report for the fiscal year ended December 31, The Award for Outstanding Achievement in popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability, and reader appeal. An Award for Outstanding in Popular Annual Financial Reporting is valid for a period of one year only. Distinguished Budget Presentation Award The GFOA presented a Distinguised Budget Presentation Award to the City and County of Denver for it annual budget for the fiscal year beginning January 1, In order to receive this award, a governmental unit must publish a budget document that meets program criteria as policy document, as an operations guide, as a financial plan, and as a communications device. This award is valid for a period of one year only. The Distinguished Budget Presentation Awards Program is specifically designed to encourage state and local governments to prepare and issue budget documents of the highest quality. Top-quality documents are essential if citizens and others with an interest in a government s finances are to be fully informed participants in the budget process. Better budget documents contribute to better decision making and enhanced accountability. The Distinguished Budget Presentation Awards Program allows the public finance profession a welcome opportunity to recognize those governments that have, in fact, succeeded in preparing a high quality budget document.

23 Financial

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25 Independent Auditor s Report Financial 13 Independent Auditor s Report Audit Committee City and County of Denver Denver, Colorado We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund and the aggregate remaining fund information of the City and County of Denver (the City), as of and for the year ended December 31, 2014, and the related notes to the financial statements, which collectively comprise the City s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Denver Convention Center Hotel Authority, Cherry Creek North Business Improvement District No. 1, Downtown Denver Business Improvement District, Denver Union Station Project Authority, and Denver Preschool Program, Inc., all of which are included as discretely presented component units, which represent percent of total assets and percent of total revenues of the aggregate discretely presented component units as of and for the year ended December 31, 2014, respectively. Those financial statements were audited by other auditors, whose reports have been furnished to us and our opinion on the aggregate discretely presented component units, insofar as it relates to the amounts included for the Denver Convention Center Hotel Authority, Cherry Creek North Business Improvement District No. 1, Downtown Denver Business Improvement District, Denver Union Station Project Authority, and Denver Preschool Program, Inc., is based solely on the reports of the other auditors. Additionally, we did not audit the financial statements of the Gateway Village General Improvement District and the Fourteenth Street General Improvement District, both of which are included as blended component units, and the Denver Employee Retirement Plan, a fiduciary component unit, which represent percent of total assets and percent of total revenues of the aggregate remaining fund information as of and for the year ended December 31, 2014, respectively. Those financial statements were audited by other auditors, whose reports have been furnished to us and our opinion on the aggregate remaining fund information, insofar as it relates to the amounts included for the Gateway Village General Improvement District, the Fourteenth Street General Improvement District, and the Denver Employee Retirement Plan, is based solely on the reports of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

26 14 City and County of Denver independent Auditor s Report Audit Committee City and County of Denver An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, based on our audit and the report of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the businesstype activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City and County of Denver, as of December 31, 2014, and the respective changes in financial position and cash flows, where applicable, thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis and budgetary comparison, and other postemployment benefit information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audits were conducted for the purpose of forming opinions on the financial statements that collectively comprise the City s basic financial statements. The accompanying combining and individual fund financial statements and schedules, listed in the table of contents, is presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The 2014 information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally

27 Independent Auditor s Report Financial 15 Audit Committee City and County of Denver accepted in the United States of America. In our opinion, the 2014 information is fairly stated in all material respects in relation to the basic financial statements as of and for the year ended December 31, 2014, as a whole. We also have previously audited, in accordance with auditing standards generally accepted in the United States of America, the City s basic financial statements as of and for the year ended December 31, 2013, which are not presented with the accompanying financial statements. In our report dated May 30, 2014, we expressed unmodified opinions on the respective financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information. In our opinion, the general fund balance sheet as of December 31, 2013 and related statement of revenues, expenditures, and changes in fund balance for the year then ended supplementary information are fairly stated in all material respects in relation to the basic financial statements as of and for the year ended December 31, 2013, taken as a whole. The introduction section and statistical section listed in the table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Denver, Colorado May 28, 2015

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29 Management s Discussion and Analysis

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31 Management s Discussion and Analysis (Unaudited) Financial 17 Management of the City and County of Denver (City) offers readers of the basic financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, Readers are encouraged to consider the information presented here in conjunction with additional information that is furnished in the letter of transmittal. The focus of the information herein is on the primary government. Financial Highlights The City s assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $3,403,595,000 (net position). Of this amount, $984,311,000 (unrestricted net position) may be used to meet the City s ongoing obligations. The City s total net position increased by $316,916,000, or 10.3% over the prior year. As of close of the current fiscal year, the City s governmental funds reported combined ending fund balances of $854,206,000, an increase of $80,501,000 from the prior year. Approximately 31.3% or $267,764,000 of the fund balance (unassigned fund balance) is available for spending at the government s discretion. At the end of the current fiscal year, unassigned fund balance of the General Fund was $267,764,000 which represents 25.1% of total General Fund expenditures, including transfers out. The City s total bonded debt decreased by $216,923,000 during the year. Decreases occurred in the general obligation bonds and revenue bonds. Overview of the Financial Statements This discussion and analysis is intended as an introduction to the City s basic financial statements. The basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. In addition to the basic financial statements, also provided are required and other supplementary information. Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the City s finances, in a manner similar to a private-sector business. The Statement of Net Position presents information on all of the City s assets, liabilities, and deferred inflows/outflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The Statement of Activities reports how the City s net position changed during the most recent year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation and sick leave). The governmental activities reflect the City s basic services, including police, fire, public works, sanitation, economic development, culture, and recreation. Sales and property taxes finance the majority of these services. The business-type activities reflect private sector-type operations, such as Wastewater Management; the Denver Airport System, including Denver International Airport (DIA); and Golf Courses, where fees for services typically cover all or most of the cost of operations, including depreciation.

32 18 City and County of Denver Management s Discussion and Analysis (Unaudited) The government-wide financial statements include not only the City itself (referred to as the primary government), but also other legally separate entities for which the City is financially accountable. Financial information for most of these component units is reported separately from the financial information presented for the primary government itself. A few component units, although legally separate, function essentially as an agency of the City and, therefore, are included as an integral part of the City. Fund Financial Statements A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. Governmental fund financial statements focus on near term inflows and outflows of spendable resources, as well as on the balances left at year-end that are available for spending. Consequently, the governmental fund financial statements provide a detailed short-term view that helps the reader determine whether there are more or fewer financial resources that can be spent in the near future to finance the City s programs. Because this information does not encompass the long-term focus of the government-wide statements, additional information is provided that reconciles the governmental fund financial statements to the government-wide statements explaining the relationship (or differences) between them. The City maintains 22 individual governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General Fund and Human Services special revenue fund, each of which is considered to be a major fund. Data from the other 20 governmental funds are combined into a single aggregated presentation. Individual fund data for these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The City adopts an annual appropriated budget for the General Fund and Human Services special revenue fund. A budgetary comparison schedule has been provided to demonstrate compliance with these budgets for the General Fund and Human Services fund in accordance with U.S. GAAP. The City maintains two different types of proprietary funds: enterprise funds and internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its Wastewater Management, Denver Airport System, Environmental Services, and Golf Course funds. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City s various functions. The City uses internal service funds to account for its fleet of vehicles, workers compensation self-insurance, and asphalt plant operations. The internal service funds provide services which predominantly benefit governmental rather than business-type functions. They have been included within governmental activities with an adjustment to reflect the consolidation for internal service fund activities related to the enterprise funds in the government-wide financial statements. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for Wastewater Management and the Denver Airport System, both of which are considered to be major funds of the City. Data for the other two enterprise funds and all of the internal service funds are combined into their respective single aggregated presentations. Individual fund data for the nonmajor enterprise funds and all of the internal service funds is provided in the form of combining statements elsewhere in this report. The City uses fiduciary funds to account for assets held on behalf of outside parties, including other governments. When these assets are held under the terms of a formal trust agreement, a private-purpose trust fund is used. Agency funds generally are used to account for assets that the City holds on behalf of others as their agent. Pension trust funds account for the assets of the City s employee retirement plans.

33 Management s Discussion and Analysis (Unaudited) Financial 19 Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The notes to basic financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Other information in addition to the basic financial statements and accompanying notes is presented in the form of certain required supplementary information concerning the City s budgetary comparison schedules and the implicit rate subsidy on other postemployment benefits. The combining statements supplementary information referred to earlier in connection with nonmajor funds, internal service funds, and nonmajor component units are presented immediately following the budgetary comparison required supplementary information. Government-Wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government s financial position. In the case of the City, assets and deferred outflows exceeded liabilities and deferred inflows by $3,403,595,000 at the close of the most recent fiscal year. A portion of the City s net position, $984,311,000 (28.9%), is unrestricted and may be used to meet the City s ongoing financial obligations. This portion represents resources that are not restricted by external requirements nor invested in capital assets. Net position of $1,227,466,000 (36.1%) reflects investment in capital assets (e.g., land, buildings, infrastructure, machinery, and equipment) less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Net positions of the City also include $1,191,818,000 (35%) of restricted net position. These are resources subject to external restrictions as to how they may be used by the City. Table 1 reflects the City s net position (dollars in thousands) as of December 31, 2014 and 2013: Table 1 Governmental Business-type Total Activities Activities Primary Government Current and other assets $ 1,431,952 $ 1,352,355 $ 2,152,571 $ 2,339,092 $ 3,584,523 $ 3,691,447 Capital assets 2,852,516 2,848,895 3,927,196 3,762,887 6,779,712 6,611,782 Total assets 4,284,468 4,201,250 6,079,767 6,101,979 10,364,235 10,303,229 Deferred outflows 49,134 36, , , , ,432 Noncurrent liabilities 1,715,368 1,783,592 4,532,566 4,723,596 6,247,934 6,507,188 Other liabilities 186, , , , , ,777 Total liabilities 1,901,999 1,960,375 4,973,920 5,171,590 6,875,919 7,131,965 Deferred inflows 348, ,482 3,092 3, , ,017 Net position Net investment in capital assets 1,420,817 1,366,632 (193,351) (192,372) 1,227,466 1,174,260 Restricted 524, , , ,317 1,191,818 1,153,254 Unrestricted 138,255 81, , , , ,165 Total net position $ 2,083,089 $ 1,930,158 $ 1,320,506 $ 1,156,521 $ 3,403,595 $ 3,086,679

35 Management s Discussion and Analysis (Unaudited) Financial 21 General government expenses in 2014 were $319,464,000 (19.8%) of total expenses. Public safety expenses were $592,270,000 (36.7%) of total expenses. Public works expenses were $193,207,000 (12%) of total expenses. Cultural activities were $128,799,000 (8%) of total expenses. Human services expenses were $114,727,000 (7.1%) of total expenses. The remainder of the governmental activities expenses is comprised of health with $59,216,000 (3.7%), parks and recreation with $80,199,000 (5%), community development with $39,598,000 (2.5%), economic opportunity with $21,091,000 (1.2%), and interest on long-term debt of $66,306,000 (4.0%). Expenses and Program Revenues - Governmental Activities dollars in thousands $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $- General Government Public Safety Public Works Human Services Health Expense Parks and Recreation Program Revenue Cultural Activities Community Development Economic Opportunity Interest - Long-term Debt Revenues by Source - Governmental Activities Operating Grants 3.4% Capital Grants 10.0% Charges for Services 21.6% Investment Income 0.8% Other Revenues 1.4% Sales Tax 34.3% Other Taxes 2.4% Occupational Privilege Tax 2.6% Lodgers Tax 4.2% Property Tax 19.3%

36 22 City and County of Denver Management s Discussion and Analysis (Unaudited) Business-type activities increased the City s net position by $163,985,000. Key elements of this modest increase are as follows: Total revenues of $1,050,955,000 were $87,819,000 (9.1%) higher compared to prior year amounts. This was primarily due to the increased rates for landing fees, additional facility rent revenues, and increased parking and car rental revenues at the Denver Airport System and a rate increase for both sanitary and storm fees at Wastewater Managment. Total expenses of $896,461,000 decreased by $30,832,000 (3.3%) when compared to the prior year. Wastewater Management expenses in 2014 totaled $102,688,000 (11.5%) of total business-type activities. Denver Airport System expenses totaled $773,345,000 (86.2%) of business-type activities. The remaining $20,428,000 (2.3%) of expenses in business-type activities were related to Environmental Services and Golf activities. Expenses and Program Revenues - Business-Type Activities dollars in thousands $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $- Wastewater Denver Airport System Nonmajor Funds Expenses Program Revenues Revenues by Source - Business-Type Activities Capital Grants and Contributions 2.7% Other Revenue 0.2% Operating Grants 11.6% Charges for Services 81.2% Investment Income 4.3%

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